When you first started working at your nonprofit, what entranced you? What was the driving force behind your starting work there? Chances are, it wasn’t tedious paperwork, challenging calculations, and compliance regulations. What likely drove you to join was (and continues to be), the nonprofit’s mission. However, that paperwork, number crunching, and other tedious tasks come with the territory of running an effective nonprofit organization. One such activity that many nonprofit professionals don’t want to deal with is nonprofit accounting.
The IRS doesn’t require nonprofits to file taxes. You probably remember the forms and papers that you filled out when you first opened your doors to ensure you didn’t have to endure the annual burden of paying taxes on the revenue you receive. But does that mean your organization is also exempt from nonprofit audits? Talk to a dedicated nonprofit accountant about your next nonprofit financial audit. Contact Jitasa The answer is simple: no.
For nonprofit organizations, a nonprofit risk management plan is essential--especially in a year like this one. Whether we’re talking about legal liabilities, financial unpredictability, accidents, natural disasters, or even errors in management, nonprofits and every other kind of business put themselves at risk by merely existing. While nonprofits may aim to be very careful, prepared, and strategic about managing these risks, they’re often overlooked because nonprofit businesses tend to feel secure in their relationships and practices.
Nonprofit organizations rely on funding, which doesn’t always come easily. Because of this, they’re often involved in fundraising efforts, which depend upon the ability to successfully market themselves. Marketing a nonprofit is a bit different than selling a for-profit business, but it can also be more fun and even rewarding. By focusing your efforts on those that are truly effective, you can market your nonprofit in a way that speaks to your community, donors, and the populations you serve.
When you hear the word nonprofit, what comes to mind? If you work for a nonprofit business, you’ve probably figured it out. But for many others, the very phrase spurs confusion. If a nonprofit is a business, shouldn’t they seek to make a profit? And how can a business of any kind function in the absence of money? What exactly qualifies as non-profit? Can a nonprofit make a little bit of money and still qualify for tax exempt status?